Refer to the table above. If the market supply of labor per week when the wage rate is $100 is 125 hours, labor supplied by Jim per month at the wage rate is:

The situation in which the marginal product of labor is greater than zero and declining as more labor is hired is called the law of: a. negative response

b. inverse return to labor. c. diminishing returns. d. demand.

People out of work for 27 weeks or longer are said to be short-term unemployed

Indicate whether the statement is true or false